Sunday, June 20, 2010

Tips for First Time Home Buyers

Owning a home can bring comfort and stability, however the process to get there can seem daunting. While there comes a point in life when a person should own a home in the interest of their future, many do not quite know how to handle this task in a way to decrease stress. Here are some tips for first time home buyers:
1) Make a list of what you’re looking for and the price.

-Sure, we all want the mansion with seven bedrooms and a swimming pool, but it probably will not fall into your price range. It is important to set a price range, and then think about areas you want to live in, number of bedrooms, amenities such as washer and dryer and central air and heating. What are the things you cannot live without? What are the things you would like, but don’t necessarily need? Setting up a list will allow you to narrow down the number of options and will ensure you aren’t make compromises when you don’t have to. When visiting the houses, it is encouraged to bring the checklist and a digital camera. This helps keep track of the homes, while also organizing your thoughts and feelings on each home and the amenities it has to offer.

2) Give yourself adequate time to process.

-How motivated are you at this point? Sometimes people will look for years for a home, but those are people who are looking for fun, not out of necessity or a drive to own a home. Motivated buyers will probably find their home in two weeks, depending on scheduling. If you want to see many, many homes, it will take you longer. Remember, you do not want to overload your brain. While a highly motivated buyer could ask to see 20 or 30 homes in a day, details will be lost and that buyer may be mistaken about which home is right. Instead, set the cap on seven home tours a day. This may take you longer to find the perfect house, but this way you are sure to remember the important details.

3) Go with instinct but don’t jump before you leap

- Remember to ignore your instinct to shop around. Sometimes we find something we want at a store and we feel the desire to visit other stores to ensure we are getting the best deal. You must suppress this urge when buying a home. Once you find the perfect house, it is important to make an offer quickly before another person takes it from underneath you. However, this does not mean you should be hasty! Going to see the home a second time is recommended. Going to see the home at different times of the day and week is also recommended. Listen to your real estate agent; they are required to point out what may need to be fixed. Don’t allow the initial excitement of finding the home that looks perfect on paper cloud your judgment. It may be in a great neighborhood and have the exact number of bedrooms you want, but what if all the pipes need to be replaced? Pay attention to detail, be aware of what repairs and changes you’re willing to do, and once you find the home you love, visit often and make an offer.

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